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All companies will be mandated to subscribe to retirement pension program by 202


And a chronic obstacle facing Korean society… is its rapidly aging population. To provide a stronger safety net for the growing number of elderly,... the government will obligate all companies in the nation… to offer their employees private retirement plans in eight years time. That′s part of the plan announced by Finance Minister Choi Kyung-hwan following an economic ministerial meeting on Wednesday. By 2016,... all companies with 300 or more employees… would be required to subscribe to a retirement pension program. And by 2022, the provisions would extend to all companies, regardless of size. Minister Choi said… the government would also ease current regulations on retirement pension funds... to improve the firms′ operating profitability....(read more)


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